Victory Capital Management Trims Norfolk Southern Holdings

Investment firm reduces stake in railroad operator by 11.8% in Q3

Published on Mar. 10, 2026

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Victory Capital Management Inc. trimmed its holdings in Norfolk Southern Corporation (NYSE:NSC) by 11.8% in the third quarter, according to the company's latest Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 77,249 shares of the railroad operator's stock valued at $23,206,000 as of the end of the quarter.

Why it matters

This filing provides insight into the investment decisions of Victory Capital Management, a major institutional investor. Changes in holdings of large investors can signal broader market trends and influence the stock price of companies like Norfolk Southern.

The details

According to the filing, Victory Capital Management sold 10,381 shares of Norfolk Southern during the third quarter, reducing its total stake in the railroad operator. The firm now holds 77,249 shares worth $23.21 million. Norfolk Southern's stock has seen volatility in recent quarters amid broader market conditions and industry dynamics.

  • Victory Capital Management filed the 13F report on March 10, 2026, disclosing its Q3 2025 holdings.

The players

Victory Capital Management Inc.

An investment management firm that oversees over $157 billion in client assets as of 2025.

Norfolk Southern Corporation

A major U.S. freight railroad company that provides rail transportation and related logistics services across the eastern United States.

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The takeaway

This filing highlights the investment decisions of a major institutional investor and provides insight into market sentiment around Norfolk Southern. While the reduction in holdings may not significantly impact the stock, it reflects broader trends in the railroad industry and the investment strategies of large fund managers.